Sikanta Developments to Expand Portfolio with New Projects in Dubai
Dubai’s real estate market continues to thrive, and Sikanta Developments is making headlines with plans to launch two new residential projects by mid-2026, totaling an investment of 250 million UAE dirhams (approximately $68 million). Mohan Dass Saini, the Founder and Managing Director of the company, recently shared insights into their strategic direction and growth.
A New Chapter for Sikanta Developments
Mohan Dass Saini brings extensive experience to the organization, having previously served as the Managing Director & CEO of renowned Indian construction firm Shapoorji Pallonji. Over his 40 years with the company, he played a crucial role in steering both Indian and international operations.
In a recent conversation with Zawya Projects, Saini emphasized that each of Sikanta’s upcoming projects will embody a boutique philosophy, focusing on adapting to the changing preferences of buyers in today’s dynamic market.
The Myra Residences Initiative
In line with this vision, Sikanta Developments recently unveiled its flagship project, Myra Residences, a collection of 64 premium apartments located in Dubai South. This decision to develop in Dubai South is rooted in the area’s ongoing transformation, driven by major developments such as Expo City and the future Al Maktoum International Airport.
“This area is poised for rapid growth with a projected population of one million. The robust investments in infrastructure ensure long-term value and connectivity," Saini noted, describing Myra as a boutique sanctuary aligned with the district’s evolving landscape. The project will offer a diverse range of living options, including studio, one-bedroom, and two-bedroom residences, with a handover schedule set for the second quarter of 2027.
Commitment to Quality and Timelines
Saini detailed that the company plans to issue tenders by the end of August 2025, with contract awards expected by October 2025. This timeline aligns with the standard pre-construction cycles prevalent in Dubai’s residential sector. While specific construction costs have not been disclosed, Saini shared that Myra’s financing will be a mixture of equity and buyer deposits.
There is also a notable shift in financing trends, as Saini observed a growing interest in alternatives to traditional off-plan sales, such as structured project financing and partnerships with Real Estate Investment Trusts (REITs).
Market Dynamics and Challenges
The real estate landscape in Dubai has seen a significant rise in tender prices over the past year, with costs climbing by more than 15%. Saini attributes this increase to both demand and constraints in contractor capacity. He explained, “The surge in project launches has stretched contractor bandwidth. We are addressing this through our established relationships built over two decades in the UAE.”
Saini also pointed out the challenges of acquiring prime real estate in competitive locations like Downtown and Palm Jumeirah, while highlighting that areas such as Dubai South, Arjan, and Mohammed Bin Rashid City (MBR City) still provide value and opportunities for growth.
Insights on Myra Residences and Sustainability
When asked about the land acquisition for Myra Residences, Saini revealed that Sikanta secured its plot in early 2024. Since then, land prices in Dubai South have surged to an impressive range of AED 280 – 300 per square foot. This rapid appreciation underscores the area’s growing appeal.
Myra Residences aims to blend luxury with sustainability, featuring spacious layouts, tropical landscaping, and smart home technology. Saini noted that the design ethos will incorporate efficient energy systems, water-saving fixtures, and native plant landscaping, setting a new standard for sustainable living in Dubai.
Future Outlook and Strategic Positioning
Despite the competitive nature of Dubai’s real estate market, Saini expressed confidence in the ongoing viability of the off-plan market driven by population growth and government incentives like the Golden Visa program. With a projected increase in new units to be delivered in 2025-2026, the opportunity for well-conceived, design-focused communities like Myra is significant.
Currently, Sikanta has no immediate plans to expand beyond Dubai and Abu Dhabi, focusing instead on creating innovative developments within these key Emirates.
Navigating the Landscape of New Developments
Launching new projects in Dubai doesn’t come without its hurdles. Saini highlighted the importance of navigating regulatory approvals, finding reliable contractors, and differentiating offerings in a crowded marketplace as critical challenges that new developers face. He emphasized that the experience and execution capability will play pivotal roles in achieving success.
This growth trajectory not only reflects Sikanta Developments’ ambition but also signals ongoing optimism in Dubai’s thriving real estate sector.
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